On 28 May 2021, the Biden administration submitted a much-delayed Defense Budget to Congress, asking for $715 billion for 2022, a 1.6% increase over the previous year’s $703.7 billion. This marginal increase highlights the U.S.’s shrinking capacities compared with China, which spends less than a third of the U.S. on defence. This Budget is focussed on challenges in the U.S.’s geographic vicinity, not the administration’s resolve to counter the threat of China from a position of strength.
The incoming Trump administration is inheriting an economy that is on a strong recovery path. What are the challenges in sustaining this and what is emerging as the new administration’s growth agenda?
Indo-US business dealings and the US Federal Reserve’s money-printing initiative may have saved Chinese President Hu Jintao the headache of explaining – to his American counterpart – China’s stealth fighter shocker, undervalued currency and giant trade surplus.
For a moment, President Obama’s Asia tour served as a diversion from the abysmal results of the US midterm election. By the end of the tour, the Obama administration was swept up in the backlash of currency crisis. Can Barack Obama be the president America needs?